Nigeria’s Central Bank Now Requires Offshore Stablecoin Issuers to License Locally
Photo: Unchained
Central Bank of Nigeria rules that took effect Nov. 5 require stablecoin issuers serving Nigerians to incorporate locally, hold at least 10 billion to 15 billion naira in capital and back tokens with 2% extra reserves. Stablecoin issuers based abroad can no longer serve Nigerian users on the strength of a foreign license under a new rulebook from the Central Bank of Nigeria (CBN) that took effect Nov. 5. The CBN published the rulebook for virtual assets that aren’t securities with a circular saying it took effect Thursday, Nov. 5.
Source: Unchained
